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The company was on the list of 114 tainted firms against which the All India Small Depositors’ Association had filed court cases for allegedly running Ponzi schemes. This apart, the company is already under the scanner of the Serious Fraud Investigation Office.
Data compiled by the association shows, the company raised nearly Rs 7,000 crore from depositors in 2012-13, and Rs 375 crore in 2012-13, under the banner of iCore E Services.
This makes iCore’s a much bigger scam than that of Saradha, which raised nearly Rs 2,500 crore from depositors.
"The modus operandi of the company was almost same as most of the money pooling companies, like raising money through advance booking of plots, debentures and preferential shares" said Subir De, convener, All India Small Depositors' Association.
Notably, iCore started operations in West Bengal around 2008, and in short span of time, extended their business in nearly 12 states across the country.
In March 2015, Sebi had issued an order barring iCore E Services from raising money through issuance of securities. The company had allegedly collected funds to the tune of Rs 45.74 crore during 2009-2010 through public issue of securities, without the consent of Sebi.
Also, one of the companies of the group, of Icore Global Medicine, registered on 2 June, 2009, with the registration number of 135575, had Swarup Mitra on its board as a director. He is the son of West Bengal transport minister Madan Mitra. West Bengal transport minister is still in judicial custody in connection with Saradha scam. However, Swarup Mitra had denied any connection with iCore, and claimed that his signatures were forged.
Apart from running a software company, iCore E Services, which was instrumental in raising money, the company ran units for iron and steel, gems and jewellery, paints, apparel, housing finance, mobile and FMCG businesses, according to the website of the company.
iCore falls among the top ponzi companies in West Bengal, which includes companies like MPS Greenery Developers, Rose Valley Vibgyor Allied Infrastructure, Prayag Infotech Hi-Rise, Alchemist, , to name a few.
